As stated in an extensive report; providing insights on Information, Enabling Technology, and Industry; the Global Smart Manufacturing Market accounted for USD 87.5 Billion in the year 2021.
In recent years, parallel to the development of information-communication technologies, the Internet, wireless networks, production networks, developed and industrial production which experienced strong and profound changes. Manufacturing has become more flexible than ever too complex modern market turbulence. Modern concepts of production systems require vertical and horizontal integration of all participants in the production process. This integration determines the foundation of a new, radical change in the mode of production by German industrialists called the industry is 4.0. In this, the smart production environment, structuring the smart factory.
Moreover, smart factories are in high demand owing to the advantages associated with the product quality, compact size, functionality, and precise manufacturing requirements which are further boosting the growth of the Smart Manufacturing Market.
The Global Smart Manufacturing Market has been adversely affected in recent months owing to the outbreak of the pandemic, COVID-19, in December 2019. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Several businesses have increased their focus on profitability and reduced their expenses in manufacturing, which is decreasing the demand for Smart Manufacturing Market.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) in the coming years owing to the high demand for smart manufacturing in the industrial sector.Additionally, this region has the most advance manufacturing companies which are boosting the market to growth. Countries such as the U.S. & Canada are considered to be the most developed countries in the field of robotics and manufacturing technology. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the adoption of smart factories. The Asia Pacific held the largest share of the Smart Manufacturing Market in 2021, followed by Europe and North America.In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of Research and Development (R&D) facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Global Smart Manufacturing Market such as ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), Honeywell International Inc. (US), Emerson Electric Co. (US), IBM (US), General Electric (US).